You have been hired to value a new 25-year callable, convertible bond. The bond has a 6.80 per cent coupon rate, payable annually. The conversion price is £150, and the equity currently sells for £44.75. The stock price is expected to grow at 12 per cent per year. The bond is callable at £1,200 but based on prior experience it will not be called unless the conversion value is £1,300. The required return on this bond is 10 per cent. What value would you assign to this bond?